Nigeria’s latest private-sector numbers offer one of the clearest signs yet that businesses are beginning to regain confidence. Business activity reportedly reached a five-month high, while the Nigerian Exchange Group’s market value has climbed to about ₦160 trillion. But the more interesting question is whether this improvement is the beginning of a broader economic recovery…
Nigeria is heading into the second half of 2026 with a mixed economic picture: the economy appears to be gaining momentum, but the naira remains under pressure and borrowing costs are still extremely high. A BusinessDay nowcast estimates that Nigeria’s economy could grow by 4.5% in Q2 2026, which would make it the fastest second-quarter…
The Dangote Petroleum Refinery has reduced its ex-depot prices for petrol and diesel, cutting petrol to ₦1,165 per liter and diesel to ₦1,570 per liter. The refinery said the move is aimed at improving energy affordability and access to locally refined products. The important question now is not just how much Dangote has cut its…
The naira is facing renewed pressure in the parallel market, with the dollar selling for around ₦1,420, even as the Central Bank of Nigeria insists that the foreign exchange market is becoming more stable. The latest parallel-market rate is notably higher than the official rate, which has been trading around ₦1,362–₦1,369 per dollar. Recent market…
Nigeria’s latest move to refinance Project Gazelle is less significant because of the headline $4.5 billion figure and more because of what the restructuring could change about the country’s access to cash. The National Economic Council has approved a new $4.5 billion financing arrangement, Project Gazelle 2, to refinance the outstanding balance of about $1.5…
Nigeria is once again facing the uncomfortable side of its dependence on crude oil. Global oil prices fell sharply after the United States signalled a move back towards diplomacy with Iran, with Brent crude dropping about 7% to settle at $83.77 a barrel on Monday. Nigerian crude was dragged lower after recently trading above $85,…
Nigeria has once again emerged as the country with the largest number of people living without access to electricity, a distinction no government wants to hold. According to the World Bank’s latest energy access data, around 86.8 million Nigerians still lack electricity, the highest figure globally despite years of investment and reforms in the power…
The Federal Government has announced plans to begin phasing out electricity subsidies from 2027 as part of broader reforms aimed at restoring financial sustainability to Nigeria’s power sector. Minister of Power Joseph Tegbe disclosed the plan during a media briefing in Abuja on Friday, saying the current subsidy regime has become unsustainable due to mounting…
MTN Nigeria has reported a strong financial performance for the first half of 2026, posting ₦2.993 trillion in revenue and a 70.6% increase in profit after tax, as demand for data and digital services continued to drive growth despite Nigeria’s challenging economic environment. According to the company’s unaudited results for the six months ended 30…
The Federal Government has explained how savings from the removal of fuel and foreign exchange subsidies have been spent, saying the funds have largely gone into servicing debt, paying higher salaries under the new minimum wage, and financing student loans rather than being left idle. Speaking at the 7th African Emerging Markets Forum in Abuja,…
